CFDA 96.002: Social Security Retirement Insurance

Objectives

The Social Security Retirement benefit is a monthly payment that replaces part of your income when you reduce your hours or stop working altogether. The monthly payment does not replace all of your income.

Eligible applicants

To qualify for Retirement Benefits, an individual (i.e., worker) must pay Social Security taxes to earn “credits” towards Social Security Benefits. The number of credits a worker needs to receive retirement depends on when the worker was born. Individuals born in 1929 or later need 40 credits (10 years of work). In addition of having the required credits, individuals must be age 62 or older and file and application with the Social Security Administration. Individuals can also get credits under Social Security systems of certain foreign countries if they are part of the International Social Security agreement. An individual (worker) and their qualified family members can file for benefits if the worker earned the required credits.

Financial assistance range

Monthly cash benefits for a worker retiring at full retirement age (FRA) in 2023 range up to $3,627 and to a maximum of $6,346.30 for a family of such a worker receiving benefits. As of December 31, 2022, the average benefit paid to a retired worker alone with no family members receiving benefits was $1,815. The average amount payable to a retired worker and their eligible spouse was a combined $2,963.

Reference data sourced from SAM.gov Assistance Listings. The authoritative source for application requirements, deadlines, and award amounts is the official SAM.gov listing linked above. This page is editorial reference, not an official notice.